Supreme Court · 1996 INSC 647 · Decided 8 May 1996
The Commissioner of Income-Tax, Madras v. The Lakshmi Vilas Bank LTD. Karur
- Court
- Supreme Court of India
- Citation
- 1996 INSC 647 · [1996] SUPP. 2 S.C.R. 522
- Case number
- CIVIL APPEAL No. 132/1979
- Decided
- 8 May 1996
- Bench
- B.P. JEEVAN REDDY, S.C. SEN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Income Tax Act, 196! : Income T(J)t-Business income-AYs 1964-65 and 1965-66-Asses- !.'ee-Bank in the course of its usual business purchased and sold securities for and on behalf of its constituents in consideration of commission or brokerage-As Gil usual practice assessee-Bank received front its securities at their face value in its own nantl.-flowever, the constituents failed to pay the balance D amount-Bank foifeited margin money and adjusted it against purchase price of secwities mid showed balance as cost of securitieie-Held : margin money deposit amount could not be adjusted
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